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IRS Announces Increased 401(k) Contribution Limits for 2022


Good news for anyone looking to save more for retirement – the IRS announced recently that investors can put an extra $1,000 in their 401(k)s in 2022.

The contribution limit for workplace retirement accounts, including 401(k)s, 403(b)s, most 457 plans and Thrift Savings Plans, is being raised from $19,500 to $20,500.

Catch-up contributions for those accounts is not changing: Investors age 50 and older can contribute an additional $6,500, bringing the total they can put in these accounts to $27,000.

The amount workers can contribute to individual retirement accounts (IRAs) remains unchanged at $6,000. The catch-up contribution amount for those accounts will also stay at $1,000, meaning those 50 and over can invest up to $7,000 next year.
Additionally, the income ranges to be eligible to contribute to Roth IRAs increase next year. The new phase outs are: between $129,000 and $144,000 for singles and heads of households (up from $125,000 to $140,000), and $204,000 to $214,000 for married couples filing jointly (up from $198,000 to $208,000).

The amount individuals can contribute to a SIMPLE (savings incentive match plan for employees) retirement account will also increase, from $13,500 to $14,000.

For more information on cost-of-living adjustments to retirement accounts, see the IRS’s release.


The information included in this document is for general, informational purposes only. It does not contain any investment advice and does not address any individual facts and circumstances. As such, it cannot be relied on as providing any investment advice. If you would like investment advice regarding your specific facts and circumstances, please contact a qualified financial advisor.

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